New York City homeowners received a total of 12,072 lis pendens notices — filings that begin the foreclosure process — in 2017, which is a 4 percent drop from 2016, a new report shows. (Read the rest of the article on amNewYork)
As life slowly returns to normal in hurricane-ravaged parts of Texas, Florida and Puerto Rico, housing experts and consumer advocates worry another crisis is on the horizon: Foreclosures. (Read the rest of the article on CNN Money)
Reverse mortgages allow homeowners 62 and older to tap into their home equity while remaining in their homes. This product is a useful and necessary resource for many senior homeowners with incomes that are insufficient to cover their living expenses. In ideal cases, reverse mortgages are not due and payable until the borrower dies or […]
Real estate data companies are releasing regular reports on the housing market in New York City, sometimes with eye-popping statistics about sudden spikes in foreclosures and high rates of re-default. These reports are great hooks for news stories, and give the media a chance to highlight working- and middle-class families who are still struggling years […]
Depending on the homeowner’s situation, there may be one or more options for foreclosure prevention. Some general tips to remember: • Assess what options, if any, are available for the homeowner’s loan type and/or what options are available through the servicer for non-guaranteed mortgages. • After finding out which options the homeowner may be eligible […]
In a Deed-in-Lieu of Foreclosure, the borrower voluntarily transfers ownership of property to the servicer in full satisfaction of the amount due, provided that the title is free and clear of mortgages, liens and encumbrances (though this can sometimes be negotiated). Like a short sale, a deed-in-lieu can decrease the cost and emotional trauma of […]
Leon Keith nearly lost his three-family home in the Bronx in 2012, after becoming ensnared in a high-profile Ponzi scheme. He credits the foreclosure prevention services operated by the Legal Aid Society helping him in court and in obtaining a loan modification that enabled him to pay his mortgage. (Read the rest of the article […]
BROOKLYN — Thousands of New Yorkers are at risk of losing their homes years after the foreclosure crisis dominated headlines, and their cases are growing increasingly complex, experts say. Yet, funding for the 32 legal aid and nonprofits in the city that provide free help to homeowners needing loan modifications or other assistance may soon disappear. (Read the […]
These are uncertain days for advocates working on the front lines to prevent homeowners from losing their homes to foreclosure. While foreclosure filings in New York State remain high since the housing bubble burst — with nearly 34,000 new filings in 2016 and 72,000 pending cases in court — funding for the state’s only Foreclosure […]
Housing counselors and advocates worked late into the evening on Dec. 30, 2016, helping homeowners meet the midnight deadline to apply for the Obama administration’s signature foreclosure crisis era mortgage relief program. Although it is not immediately clear how many homeowners beat the rush, what is clear is that the future of foreclosure assistance for […]
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